Here are the 10-Q quarterly reports from Borealis Foods Inc. (BRLS) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow BRLS and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full BRLS filings page.
Borealis Foods Inc. reported Q1 2026 net revenue of $7.37 million, up 8% from $6.85 million a year earlier, but remained unprofitable. Gross profit was $0.84 million (11% margin) and net loss narrowed to $3.51 million from $4.19 million as SG&A fell 24% to $2.90 million.
Operating cash outflow improved to only $0.12 million, and Adjusted EBITDA was a smaller loss of $0.18 million versus $0.56 million. However, the balance sheet is highly leveraged: as of March 31, 2026, cash was $0.48 million, total liabilities were $73.65 million versus $50.95 million of assets, and working capital deficit was about $65.02 million.
Subsequent events reshaped the capital structure. A $17.0 million term loan from major shareholder Oxus Capital refinanced the FrontWell facility, and a separate $3.0 million unsecured convertible note was issued. A Conversion Agreement could automatically turn approximately $29.1 million of related-party debt plus $4.3 million of interest into equity if a $70 million equity raise at $9.00 per share is not completed by July 1, 2026. Management concludes that substantial doubt about the company’s ability to continue as a going concern persists.
Borealis Foods (BRLS) reported Q3 2025 results showing modest revenue growth but ongoing losses and severe liquidity pressure. For the nine months ended September 30, 2025, net revenue was $21.1 million, up slightly from $20.9 million, while net loss narrowed to $12.6 million from $19.6 million. Gross profit improved to $2.5 million, or 12% of net revenue, and total sales, general and administrative expenses fell 40% to $10.7 million, reflecting sharply lower marketing, business development and transaction costs.
Despite these operating gains, the balance sheet remains highly strained. As of September 30, 2025, cash was about $0.13 million, current liabilities significantly exceeded current assets, and shareholders’ deficit was $12.9 million on total liabilities of $69.2 million. Management discloses substantial doubt about the company’s ability to continue as a going concern. After quarter-end, senior lender Frontwell asserted multiple Events of Default and imposed cash dominion, and the revolving loan balance was reduced from roughly $10.2 million to $3.6 million. The chairman, CEO and a major shareholder advanced $8.0 million and received promissory notes, underscoring Borealis’ reliance on related-party financing.